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Transfer of Assets by Private Limited Company to its shareholder - Income TaxExtract Dear Sir/Madam, My query is with regards to Income Tax Companies Act. A particular family has a business with 3 brothers of whom all are equal shareholders in a private Limited company. All assets are registered in the name of Pvt.Ltd. Company. Now 1 of the brother, Mr.A wants to exit the family business and in lieu of exit he needs to relinquish his shareholding in the company. Now Mr.A gets a 2 assets of the company as part of the partition of family business company runned by family. Now what are the options available to Mr.A to take over get the 2 assets of the company transferred in his name. This 2 assets, he has received are part of family settlement. Against receipt of these 2 assets, Mr.A will relinquish his shareholding in the company. What are the options available with Mr.A to ensure that there is nominal tax liability on the company him after transfer of 2 assets in favor of Mr.A.
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